Voice recognition technology is poised to
revolutionise the way consumers buy goods and services and conduct their
personal online banking. While it's true that voice command platforms have had
a pretty patchy track record, a new generation is now on the horizon that
promises to be more efficient.

Tech giants such as Amazon, Google and
Apple have been ploughing hundreds of millions of dollars into voice
recognition platforms that may have applications in the payments and banking
spaces, prompting many smaller firms to investigate how voice might play a part
in their ecommerce operations.

"Because both payment processors and
marketers have always been focused on delivering the best customer experience
with hassle-free payment options, we now have contactless payment technologies
on both credit cards and smart devices," Liviu Arsene, senior e-threat analyst
at anti-virus software firm Bitdefender, said in an emailed response to
questions.

"The use of voice authentication for
issuing payments is something that has been experimented with lately, but
there's yet to be any clear indication of when - or if - it will be mass-market
deployed."

Emerging
voice technology in banking
In the US, Amazon's virtual assistant Alexa is leading the voice command e-commerce
charge. The retail giant's Prime programme now lets members order items from
the Amazon website simply by telling an Alexa-connected device what they want
and when they want it. For instance, you could say, "Alexa, order more toilet
paper," and the item would be queued for shipping without the consumer having
to log onto the site.

Recently, Capital One partnered with Amazon
to launch a "skill"
for Alexa in the US that allows its customers to pay their credit card bills,
check their balances and track their spending using voice commands. Although
Alexa is not yet available in the UK, Lloyds Bank has already started to consider
how integrating
the voice recognition platform with its online banking services might help
customers.

The fact that platforms such as Alexa can
be embedded in a range of devices, coupled with the continuing growth of the Internet
of Things (IoT), means that soon, voice recognition payment and banking services
will be available in myriad everyday items.

Some European banks have been taking their
own first steps into voice commands independently. Santander UK rolled out
voice-assisted technology in the first quarter of 2016 for users of its iOS SmartBank
app. For now, the app allows users to ask only a limited number of questions
about single transactions, but the roll-out of a second iteration later in the year
will let users service their accounts fully with voice commands alone. This is all
part of a growing trend that some analysts have suggested could kill off
traditional online banking in its current form.

In-store
voice payments
Voice commands are also primed to disrupt in-store payments. Google has been testing
a new mCommerce feature that allows consumers to walk up to a point of sale
(POS) and say, "I'll pay with Google".

How does it work? The Google Hands Free app
loaded onto the buyer's phone communicates with the POS via the device's NFC chip
and supplies additional authentication information, including a picture of the
purchaser, which is scanned by facial recognition software. The transaction is
then processed using card details uploaded to the Hands Free app - just as with
a mobile payment.

Separately, waiting staff and shop
assistants may be alarmed to learn that a new robot designed by SoftBank,
"Pepper", might soon be able to understand voice commands, as well as process
payments, potentially putting their jobs under threat. Pepper uses voice recognition
to take customers' orders and processes payments using MasterCard's MasterPass
digital wallet. Though only available in its native Japan until July 2016, Pepper
has now started to roll out to other regions.

Security
risks
Like all emerging IoT solutions, voice commands may not be as secure as more
mature technology. One example of how voice-activated tech could be an open
invitation to hackers is noted in a 2016 study conducted by researchers at Georgetown
University in Washington, DC. The academics found that it's possible to mangle
voice commands in, say, a YouTube video so that a human cannot recognize
them, but the computer can. If such a command is embedded in a viral video, it
could be possible to control thousands of smartphones. However, the hack isn't
100% effective, and companies releasing new technologies are always working on
improving security risks.

To protect your accounts, you should always
use any technology with care, and be sure to download antivirus software on
your mobile devices and computers. And always check your credit report and
credit card statements for any accounts or transactions that you do not
recognize.

And when the IoT becomes a part of our
everyday lives, maybe sticking to one voice-activated assistant will make
things simpler and avoid bedlam. Imagine Alexa, Pepper and all the other
assistants confused as to whom you're speaking and who is supposed to be doing
what.